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Shares of Chinese property developers stage a strong rebound after a massive sell-off last week after regulator urged banks to meet developers’ reasonable financing needs and the latest data showed that China’s home prices fell at a slower pace in June.
Guangzhou R&F Properties is surging more than 10%, Seazen Holdings up 9,7%, Country Garden up 9.7%, CIFI Holdings up 7.3%, Ronshine China surging 7.1%, Agile Group jumping nearly 7%.
Property management companies are also rallying, with Zhenro Services surging nearly 9%, Country Garden Services up 8.6%, Jinke Services up 7.8%, Sunac Services up 7.4%, Shimao Services up 4.9.%.
In mainland China, an index tracking the real estate sector is surging nearly 3%, making it one the best-performing sector in the A-share market.
The strong rally comes after developers’ shares experienced a massive sell-off last week amid growing market concerns after home buyers of about 100 property projects across China refuse to make mortgage payments as construction of the properties they bought had been stalled. Read more …
Chinese regulators on Sunday urged banks to extend loans to qualified property projects and meet developers‘ reasonable financing needs, in a bid to ease market concerns after a widening mortgage-payment boycott on stalled property projects. Read more …
The latest data points to some improvement in the housing market. Data released by the National Bureau of Statistics last week showed that China’s home prices fell for 10th straight month in June, though at slower pace as easing policy kicks in, with more cities seeing home prices rising month on month. Read more …